Gold and silver futures headed for the longest rallies since August as economic concerns boosted demand for the metals as alternative investments.
Data on Feb. 7 showed U.S. payrolls rose less than forecast in January, pushing the dollarto a three-week low against a basket of 10 currencies. The Federal Reserve said Jan. 29 it will trim monthly bond buying by another $10 billion with the pace of cuts depending on gains in the economy.
Gold has climbed 6 percent this year amid currency turmoil in emerging markets, while about $1.63 trillion has been erased from the value of global equity markets. The metal rose 70 percent from December 2008 to June 2011 as the Fed pumped more than $2 trillion into the financial system. Janet Yellen, the new chairman, will deliver her first testimony to Congress tomorrow.
